The latest 2024 B2B Survey by Akeneo, conducted by 3Gem, presents a comprehensive overview of the current challenges and opportunities in the world of B2B digital transformation. Featuring insights from 650 industry leaders across the U.S., U.K., France, and Germany, this report sheds light on crucial themes such as product information management, regulatory compliance, and evolving customer expectations.

In an era where B2B customers demand the same seamless and personalized experiences provided by B2C transactions, businesses must adapt to remain competitive. According to this survey, an astonishing 90% of B2B companies are planning to expand their digital sales strategies over the next two years. The top channels identified for customer engagement before purchase include digital self-serve portals (51%), social media (46%), and product websites (45%). This shift in customer behavior underscores the necessity for B2B companies to prioritize digital innovation and customer-centric approaches.

Challenges in Product Information Management

Despite the growing recognition of product information management (PIM) as a vital component of digital strategy, the survey reveals that an overwhelming 99% of business leaders encounter challenges in this area. Issues such as automation and AI implementation (37%), team collaboration (31%), and timely product launches (28%) emerged as significant barriers.

The reliance on manual processes remains a critical concern, with 40% of companies still managing their product information without automated systems. The consequences of this inefficiency are evident, as it typically takes two weeks to gather product data for a launch, with 12% of organizations taking over a month to complete this process. An inability to streamline product information management hinders a company’s ability to respond swiftly to market demands and consumer inquiries.

Compliance and Regulatory Challenges

Compliance is another pressing issue, cited by 99% of B2B companies as a key concern. Nearly half of the respondents (50%) perceive supply chain management as their most significant obstacle, highlighting the intricacies involved in ensuring adherence to regulations. Automation also falls short in this area; 45% of organizations struggle to integrate automation into their compliance processes, which results in delays for 36% of companies attempting to launch new products.

Apart from supply chain management, data protection, security, and accuracy are fundamental challenges that B2B companies must address. With regulations evolving rapidly, companies need to remain vigilant and proactive in ensuring compliance to avoid penalties and maintain their reputation in the market.

The Importance of High-Quality Product Experiences

As the landscape becomes more competitive, delivering high-quality, consistent product experiences emerges as a fundamental driver for customer loyalty and conversion rates. Senior managers highlighted the importance of clear product descriptions, technical data sheets, and customer testimonials in creating a compelling product experience.

For instance, a study by Salesforce indicates that 70% of consumers say connected processes are very important to winning their business. B2B companies should not overlook this insight; investing in clear and coherent product information can set a product apart from the competition and foster customer trust.

The Digital Future of B2B E-Commerce

The shift toward digital is profound, with 85% of companies already pursuing digital sales strategies. Digital sales now account for nearly half (48%) of company revenue—a statistic that speaks volumes about the growing importance of online channels in the B2B sector. Innovations like AI (42%), hyper-personalization (40%), and AR/VR integration (40%) are anticipated to play significant roles in shaping the industry’s future.

For example, hyper-personalization allows companies to tailor their offerings based on specific customer data, enhancing their engagement and increasing the likelihood of conversion. A case study from McKinsey shows that personalization can lead to a 20% increase in sales for companies that effectively leverage customer data to improve their marketing strategies.

Conclusion

The 2024 B2B Survey by Akeneo delivers crucial insights that can guide businesses in refining their digital approaches to sales and product management. By recognizing the challenges in product information management and compliance, and emphasizing the need for high-quality product experiences, B2B companies can position themselves for success in a predominantly digital landscape. The future indeed lies in how well companies adapt to these emerging trends and fulfill the growing expectations of their customers.